COLOMBO, Nov 12, 2014 (EconomyNext) – Kegalle Plantations, part of the Richard Pieris group, said net profit in the September 2014 quarter fell 47 percent to 66 million rupees from a year ago as tea and rubber prices fell.
Earnings per share for the quarter fell to 2.65 rupees from five rupees the previous year while sales fell 13 percent to 537 million rupees, according to unaudited results filed with the Colombo stock exchange.
For the six months to September 2014, the firm’s EPS fell to 4.36 rupees from 8.60 rupees the year before with sales down nine percent to 1.1 billion rupees.
The company managed to make a gross profit of two million rupees from tea in the first half compared with a 66 million rupee loss the year before.
Gross profit from rubber fell sharply to 27 million rupees from 162 million rupees while that from coconut rose to 13 million rupees from 10 million rupees.